9th Jun 2005 12:19
Slough Estates PLC09 June 2005 9 June 2005 Slough Estates plc Announces Pricing Details and Redemption £50,000,000 10 per cent. Bonds due 2007 (the "2007 Bonds"), £33,343,418 12.375per cent. Unsecured Loan Stock due 2009 (the "Loan Stock"), £100,000,000 11.625per cent. Bonds due 2012 (the "2012 Bonds"), £100,000,000 10 per cent. Bonds due2017 (the "2017 Bonds") and £40,000,000 11.25 per cent. First Mortgage DebentureStock due 2019 (the "Debenture Stock" and, together with the 2007 Bonds, LoanStock, 2012 Bonds and 2017 Bonds, the "Existing Notes") This announcement should be read in conjunction with the Exchange OfferMemorandum dated 10 May 2005 (the "Exchange Offer Memorandum") prepared by theCompany in connection with the Exchange Offers and the Proposals. Terms used inthis announcement and not otherwise defined have the meanings given to them inthe Exchange Offer Memorandum. The launch of the Exchange Offers and the Proposals was announced on 10 May 2005and the respective deadlines for participation in these transactions by holdersof the Existing Notes have now passed. The final pricing details for the Exchange Offers and the Proposals, asdetermined by the Dealer Managers at or around 10.00 a.m. today, Thursday, 9June 2005, are as follows: Pricing - Existing Notes 2007 Bonds• Spread: 0.65 per cent.• Benchmark Security: 4.5 per cent. UK Treasury Gilt due March 2007• Mid-Market Benchmark Security Rate: 4.220 per cent.• Existing Note Price (for each £1,000 in principal amount): £1,091.36• Exchange Ratio: 1.09777 (1)• Accrued Interest : £6.39 (2) Loan Stock• Spread: 0.85 per cent.• Benchmark Security: 4 per cent. UK Treasury Gilt due March 2009• Mid-Market Benchmark Security Rate: 4.162 per cent.• Existing Note Price (for each £1,000 in principal amount): £1,294.93• Exchange Ratio: 1.30254 (1)• Accrued Interest: £58.46 (2) 2012 Bonds• Spread: 0.95 per cent.• Benchmark Security: 5 per cent. UK Treasury Gilt due March 2012• Mid-Market Benchmark Security Rate: 4.203 per cent.• Existing Note Price (for each £1,000 in principal amount): £1,389.76• Exchange Ratio: 1.39792 (1)• Accrued Interest: £54.90 (2) 2017 Bonds• Spread: 1.20 per cent.• Benchmark Security: 4.75 per cent. UK Treasury Gilt due September 2015• Mid-Market Benchmark Security Rate: 4.237 per cent.• Existing Note Price (for each £1,000 in principal amount): £1,383.35• Exchange Ratio: 1.39410 (1)• Accrued Interest: £13.06 (2) Debenture Stock:• Spread: 1.00 per cent.• Benchmark Security: 8 per cent. UK Treasury Gilt due June 2021• Mid-Market Benchmark Security Rate: 4.266 per cent.• Existing Note Price (for each £1,000 in principal amount): £1,602.28• Exchange Ratio: 1.61473 (1)• Accrued Interest: £53.14 (2) Note 1: Shown rounded, but not rounded for actual calculationsNote 2: Shown for illustrative purposes only, as calculated for £1,000 in principal amount of the relevant Existing Notes Pricing - New Notes Shorter Dated New Notes: £200,000,000 5.500 per cent. Notes due 2018 (ISIN: XS0221323693)• Spread: 1.25 per cent.• Benchmark Security: 4.75 per cent. UK Treasury Gilt due September 2015• Mid-Market Benchmark Security Rate: 4.239 per cent.• Coupon: 5.500 per cent. (payable annually, actual/actual day count basis)• Issue Price: 99.416 per cent.• Maturity: 20 June 2018 Longer Dated New Notes: £100,000,000 5.75 per cent. Notes due 2035 (ISIN: XS0221324154)• Spread: 1.50 per cent.• Benchmark Security: 4.25 per cent. UK Treasury Gilt due March 2036• Mid-Market Benchmark Security Rate: 4.223 per cent.• Coupon: 5.75 per cent. (payable annually, actual/actual day count basis)• Issue Price: 99.229 per cent.• Maturity: 20 June 2035 Confirmation and Announcement of Redemption As announced by the Company yesterday, Wednesday, 8 June 2005, each of theExtraordinary Resolutions was duly passed by the requisite majority of holdersof the relevant Existing Notes at the meetings of holders of the Existing Notesheld yesterday afternoon and each of the Trust Deeds in respect of the ExistingNotes have been amended accordingly. The Company hereby announces and gives notice pursuant to the amended terms andconditions of the Existing Notes that all of the Existing Notes will be redeemedon Monday, 20 June 2005 and confirms that all other application TransactionConditions to the Exchange Offers and the Extraordinary Resolutions have beensatisfied and that the proposed Settlement Date for the Exchange Offers willalso be Monday, 20 June 2005. Settlement of the Exchange Offers and theredemption of the Existing Notes is conditional on the New Notes being admittedto official listing on the London Stock Exchange, subject only to the issue ofthe New Notes, and to UBS Limited receiving from the Company by the Londonbusiness day prior to the Settlement Date, in immediately available or same dayfunds, the total amount payable by the Company to UBS Limited for the New Notesin respect of which the holders of such New Notes have made the Cash Electionand UBS Limited has exercised its option for such New Notes to be bought back bythe Company on the Settlement Date. For further information, please contact: Trevor Mant Group Treasurer +44 1753 213 389 Dealer Managers:Barclays Capital Jeremy Froud +44 20 7773 9634The Royal Bank of Scotland Robert St John +44 20 7648 3205UBS Investment Bank Rob Ritchie +44 20 7567 3348 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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